Business
MIMEDX Announces First Quarter 2024 Operating and Financial Results
Net Sales of $85 Million Grew 18% Year-Over-Year for the First Quarter First Quarter GAAP Net Income was $9 Million First Quarter Adjusted EBITDA of $19
About this update from Mimedx Group, Inc
[{"type":"text","content":"Net Sales of $85 Million Grew 18% Year-Over-Year for the First Quarter First Quarter GAAP Net Income was $9 Million First Quarter Adjusted EBITDA of $19 Million, or 22% of Net Sales Management to Host Conference Call Today, April 30, 2024, at 4:30 PM ET MARIETTA, Ga., April 30, 2024 (GLOBE NEWSWIRE) -- MiMedx Group, Inc. (Nasdaq: MDXG) (“MIMEDX” or the “Company”), today announced operating and financial results for the first quarter 2024. Recent Operating and Financial Highlights: First quarter 2024 net sales of $85 million, reflecting 18% growth over the prior year period.GAAP net income from continuing operations and net margin for the first quarter 2024 of $9 million and 11%, respectively.Adjusted EBITDA and Adjusted EBITDA margin for the first quarter 2024 of $19 million and 22%, respectively.Improved capital structure with new senior secured credit facilities and debt refinancing.Announced portfolio expansion through a distribution agreement with Regenity Biosciences for a 510(k)-cleared collagen particulate xenograft product we plan to launch later this year.Appointed two new independent directors to the Company’s Board of Directors.Introduced MIMEDX Connect, an online product ordering and account management platform for our customers. Joseph H. Capper, MIMEDX Chief Executive Officer, commented, \"Our first quarter 2024 results represent another stellar period for MIMEDX, with significant accomplishments across the organization that underscore our success executing on our major strategic priorities. Net sales growth was robust once again, achieving an 18% increase year-over-year. In addition, we expanded our portfolio in the first quarter to include a xenograft product that we see as a strategic fit and plan to launch later this year. Finally, we continued to apply disciplined expense management in the first quarter, resulting in an Adjusted EBITDA margin of 22%.\" Mr. Capper continued, \"We believe the clinical strength of our product portfolio, effectiveness of our commercial organization, solid financial foundation, and the pending launch of our xenograft product into the Surgical market position MIMEDX well for another successful year and long-term growth.\" Three Months Ended March 31, 2024 2023 Net Income (loss)$9,261 $(4,983)Non-GAAP Adjustments: Depreciation expense 558 714 Amortization of intangible assets 189 190...